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[Best Brand] Shinhan Card launches credit card tailored for contactless services

Shinhan Card
Shinhan Card


From food ordering apps to streaming platforms, non-face-to-face services have become a new norm in the coronavirus era. Joining the contactless trend, Shinhan Card, a leading card issuer in South Korea, recently rolled out a credit card that offers services and benefits for consumers who prefer mobile services over face-to-face experiences at physical stores or restaurants amid the coronavirus pandemic.

The new credit card, YaY, can be issued via the card company’s mobile app and used within 30 minutes of submitting an application. It does not come with a physical plastic card.

The company said the card was a true digital product since every transaction, from applications to payments, is processed via smartphones.

“The YaY card is a product that caters to the needs of consumers who shop online and enjoy entertainment content at home because of the outbreak of the new coronavirus,” said an official from the card issuer. “Shinhan will try to continue to offer benefits to help customers to overcome the so-called ‘coronavirus blues,’ a newly coined Korean expression to describe frustration caused by the virus.”

Subscribers who use the YaY card for streaming services, including Netflix and YouTube, can receive up to 30 percent of their service fees in the form of membership rewards. They also get 15 percent of what they spend on food delivery platforms, including Baedal Minjok and CJ Cookit. Those who subscribe to both streaming and delivery services with the credit card can receive additional rewards.

Consumers can receive up to 2,500 membership points for every 50,000 won purchase at online shopping sites such as Lotte ON, and Gmarket, as well as online fresh food delivery markets including Market Kurly and Oasis Market, the credit card company said.

They can also receive other benefits by using services and buying products from online platforms including LaundryGo, Wine&More and Today House.

“The mobile card designed with an animated GIF featuring Minions from the movie ‘Despicable Me’ will give a little fun for customers who may have been tired and frustrated by the lingering virus crisis,” the Shinhan Card official said.